Analysis: Bitcoin’s active supply in loss has surpassed that in profit, historical patterns point to a cyclical bottom.

According to TradingBeats monitoring, Abraxas Capital’s two hedge accounts on Hyperliquid have posted a combined cumulative profit of over $512 million, with their total short positions now reduced to $572 million. Data shows: the main address has a cumulative profit of $301.25 million and an unrealized profit of $69.38 million; the hedge address has a cumulative profit of $219.43 million and an unrealized profit of $61.16 million; the two accounts’ total unrealized profit stands at around $131 million, with current leverage ratios of 3.91x and 3.60x respectively. As a London-based asset management firm, Abraxas Capital previously held short positions exceeding $1.45 billion. The short size has now shrunk to $572 million, a reduction of roughly 60.6% from its earlier level. From short positioning of over $1.4 billion to cumulative gains of more than $500 million, this multi-month hedge trade has become one of the most closely-watched institutional trading cases on Hyperliquid.

According to monitoring by OnchainLens, a crypto whale received 4,892 ETH from Galaxy Digital via over-the-counter (OTC) trades over the past two months, worth roughly $11.85 million. The whale has since transferred a total of 4,637 ETH back to Galaxy Digital’s deposit addresses, valued at around $10.1 million. Of today’s transfers alone, 1,796 ETH (worth approximately $3.42 million) were sent back. The whale currently holds a remaining balance of 255 ETH, valued at about $483,000.

The organization behind Ethereum Layer 2 network MegaETH, MEGA, has laid off roughly 20% of its workforce. MegaETH co-founder Shuyao Kong said Friday the restructuring affected early-stage employees involved in project development, spanning teams for blockchain, wallets, ecosystem support, and communications, though she did not disclose specific layoff figures or the exact timeline of the cuts. She emphasized that the founding team, early employees, and core engineering team will continue to advance the project. The layoffs come amid MEGA’s organizational restructuring and business transformation. The group is shifting its focus to new products on the MegaETH network, including AI services, and has committed $30 million to push forward related initiatives. However, Kong did not explicitly link the layoffs directly to its AI strategic pivot. Per the whitepaper released by the co-founders, MegaETH plans to launch an AI inference marketplace, which will integrate multiple AI service providers to let users select different models, while addressing issues such as model authenticity and transparency in user data processing. Kong stated that MEGA plans to launch the public version of the AI inference marketplace this December.

According to monitoring by Ai Yi, the "Iron Head Bulls" (a BIT-affiliated entity) that previously took a large long position of 120,000 ETH has recently activated a batch of new addresses to re-establish long positions. The nine addresses currently hold a combined long position valued at roughly $155 million, comprising 60,841.22 ETH and 600 BTC, with an unrealized loss of approximately $44.06 million—excluding substantial funding fee expenses. All of the entity’s previously used operating addresses have been deactivated, per reports. Between April and August this year, it amassed over $67.05 million in profits from ETH long trades. The move to reactivate new addresses to build large-scale long positions signals that some of its earlier accumulated profits may now face pressure of being eroded.

Swiss wealth management firm LFG+Zest’s Chief Investment Officer Alberto Conca said the market rally is broadening, and defensively positioned European stocks may continue to outperform. Conca made this assessment before Nvidia’s leadership change. The information technology sector accounts for over 35% of the MSCI USA Investable Market Index, but only 8.8% of the corresponding European index. The European index has broader exposure to financial, healthcare, and energy sectors, with some corporate earnings and better-than-expected economic data also providing a buffer. This protection is relative. Investors note that Europe’s lower tech weighting cushions against single-sector volatility; if sell-offs spread from U.S. tech stocks to the entire Wall Street market, stocks in other regions like Europe could also be dragged down. (Jinshi)

U.S. spot Bitcoin ETFs have posted net outflows for two consecutive weeks, totaling $2.35 billion. Of this, net outflows reached $1.07 billion for the week of November 9 to 13, and $1.28 billion for the prior week. On Friday, U.S. spot Bitcoin ETFs recorded a single-day net outflow of $185.4 million, with BlackRock’s IBIT seeing $143.5 million in outflows and Fidelity’s FBTC posting $41.9 million in outflows. This marks the seventh consecutive trading day of net outflows for U.S. spot Bitcoin ETFs, with cumulative outflows totaling around $1.71 billion since November 5. Among them, BlackRock’s IBIT has suffered net outflows for 11 consecutive trading days, with total outflows reaching roughly $2.35 billion. The fund’s net outflows since November have hit $2.12 billion, accounting for approximately 90% of the total net outflows of U.S. spot Bitcoin ETFs over the same period.